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December 17, 2012
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Financial and wealth management news for the retirement community

  Top News 
  • Report: Working longer can substantially boost annuity payouts
    Individuals can achieve a 7% to 16% boost in their annuity payouts, depending on income, if they continue working just one year beyond the eligibility age, according to a study sponsored by the Society of Actuaries Committee on Post-Retirement Risks and Needs and Risks, the Urban Institute and the Women's Institute for a Secure Retirement. The lowest-income earners who work five years past the eligibility age can nearly double their annuity payouts, while higher wage-earners can see increases of 42% to 71%, according to the report. National Underwriter Life & Health (12/14) LinkedInFacebookTwitterEmail this Story
  Industry Update 
  • Reverse-mortgage program drains taxpayers
    The Federal Housing Administration is on course to lose $2.8 billion this year and billions more at least through 2019 on reverse mortgages, according to an estimate by the Department of Housing and Urban Development. The problem is FHA's guarantees, which reduce personal risk and amount to a subsidy for older Americans that allows them to spend down their savings. The agency now accounts for 90% of outstanding reverse mortgages. The Wall Street Journal (12/14) LinkedInFacebookTwitterEmail this Story
  • Study: 401(k) auto-enrollment is key to young workers' savings
    A Wells Fargo Retirement study found that 401(k) plans that automatically enroll workers have a participation rate among younger employees that is about five times higher than plans without auto-enrollment. The research also found that so-called millennials aren't saving much: Almost half set aside 3% of their paycheck or less. (12/14) LinkedInFacebookTwitterEmail this Story
  Financial Literacy 
  • Song-writing competition aims to teach money skills
    A competition that challenges teens to put their money knowledge to music aims to promote financial-literacy skills. The "Money Matters Music Mogul" contest, run by Boys & Girls Clubs of America and the Charles Schwab Foundation, comes with a top prize of a $1,000 scholarship and a chance to record the winning song and a music video. (12/13) LinkedInFacebookTwitterEmail this Story
  • Other News
  On the Economy 
  • "Fiscal cliff" talks reportedly produce some progress
    President Barack Obama and House Speaker John Boehner, R-Ohio, remain far apart, but there are signs of movement in their "fiscal cliff" talks. Boehner indicated support for a tax increase on people with incomes of more than $1 million and a total of $1 trillion in new revenue over the next decade. In return for $1 trillion of spending cuts, Boehner backed an increase in the debt limit that would put the issue on the back burner for a year. Google/The Associated Press (12/16), Reuters (12/17), Bloomberg (12/16) LinkedInFacebookTwitterEmail this Story
  Building Your Practice 
  • Commentary: Industry should embrace referrals
    Advisers should get in the practice of referring clients to other advisers whose specialty matches their needs, writes Brian Fricke, president of Financial Management Concepts. The industry would be better off with more advisers who specialize and more referrals among them, Fricke writes. The Wall Street Journal (12/14) LinkedInFacebookTwitterEmail this Story
  • 3 strategies to sharpen your marketing
    To generate prospects, financial advisers should establish themselves as experts within a specialty and build that "brand" by publishing booklets, writes Cory Adamson of Senior Market Sales. Adamson recommends creating a monthly newsletter and hosting educational seminars targeted for a niche audience. These three components are part of what he calls a "marketing machine." National Underwriter Life & Health (12/13) LinkedInFacebookTwitterEmail this Story
  Financial Products 
  • U.S. college savings plans come up short on transparency
    The 529 plans many American families depend on for tax-free savings to be applied to higher education offer little transparency, something the Municipal Securities Rulemaking Board is trying to remedy by compiling a readily accessible performance database. "The MSRB wants to ensure that 529-plan investors have the information necessary to make informed decisions -- especially for something as vital as saving for a child's education. A comprehensive database of 529-plan information will help us achieve this goal," said MSRB Chairman Jay Goldstone. The Wall Street Journal (12/14) LinkedInFacebookTwitterEmail this Story
We should be taught not to wait for inspiration to start a thing. Action always generates inspiration. Inspiration seldom generates action."
--Frank Tibolt,
American author

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